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本文分别对上市公司信息披露的成本效益和投资者信息获取的成本效益网上问卷调查进行分析 ,结果表明 ,上市公司信息披露工作的费用呈逐年上升态势 ;投资者为获取公开信息所负担的费用较多 ,总体呈上升趋势 ;投资者普遍认为对投资决策极重要的公开信息项目有年度报告、利润分配及转增股本实施公告、首次发行或二次发行招股说明书及发行公告等。投资者认为最重要的定期报告项目是主要财务指标 (中报 )和会计数据和业务数据摘要 (年报 )、股本变动和 (主要 )股东 (持股 )情况以及财务报告。对机构投资者而言 ,其在作出投资决策时最关注的财务指标依次是上市公司成长性指标、盈利数量指标、盈利质量指标。而对偿债能力指标、资产状况指标、营运状况指标、现金流量指标和利润分配指标则关注程度不是很大。
This paper analyzes the cost-effectiveness of listed companies' information disclosure and the cost-effective online questionnaire of investor's information access. The results show that the cost of information disclosure of listed companies is increasing year by year. The cost borne by investors for obtaining public information is more More, the overall upward trend; investors generally believe that the investment decision is extremely important public information projects have annual reports, profit distribution and share capital increase implementation announcement, the first issue or second issue prospectus and issue of announcements. The most important periodic reporting items that investors find most important are the key financial indicators (mid-year reports) and the summary of accounting data and business data (annual reports), changes in equity and (major) shareholders (holdings), and financial reporting. For institutional investors, the most important financial indicators of investment decision making are the growth index, profitability index and profitability index of listed companies. While the solvency indicators, asset status indicators, operating conditions indicators, cash flow indicators and profit distribution indicators are not very concerned about the degree.